Steel Wire Rope & Plastic Rope Market worth $17.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 3, 2021 /PRNewswire/ -- According to the new market research report "Steel Wire Rope & Plastic Rope Market by Type of Lay (Regular Lay, Lang Lay), Material Type (PP, PET, Nylon, HMPE, Specialty fibers), Application (Marine & Fishing, Sports & Leisure, Oil & Gas, Industrial & Crane) Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 11.9 billion in 2021 to USD 17.5 billion by 2026, at a CAGR of 8.0% during the forecast period. Steel wire ropes & plastic ropes are extensively being used in marine & fishing, sports & leisure, oil & gas, industrial & crane, mining, construction, and other end-use applications.
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Regular Lay Type Steel Wire Ropes comprises a major share of the steel wire rope market in terms of value.
Regular lay ropes are more resistant to crushing forces, more naturally rotation-resistant, and spool better in a drum than lang lay ropes. They are used for various applications, such as industrial & crane, mining, oil & gas, construction, and fishing & marine.
The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for steel wire ropes from various end-use applications.
The Polypropylene material type Plastic Ropes accounts for the largest market share in the global plastic rope market during the forecasted period in terms of value and volume Polypropylene is the most common material found in ropes used in the marine & fishing industry. As it is low in weight, it floats in water. It is found in multifilament fiber form, similar to but slightly thicker than polyester and nylon. It is sometimes found as thicker monofilament resembling straw or bristles, typically 0.1 mm to 0.15 mm diameter. Polypropylene is reasonably economical as compared to HMPE or polyester. It has good chemical resistance and is preferred in water-related applications, as it floats in water. Polypropylene ropes are used as water-ski ropes and are also used for utilitarian purposes. Polypropylene has some limitations pertaining to high-stress conditions and UV radiations, due to which polypropylene ropes are not recommended to be used as safety ropes. It is sometimes added to ropes in combination with other fibers to add strength.
The COVID-19 pandemic has resulted in reduced demand for plastic ropes from major applications such as marine & fishing, and sports & leisure. These factors have reduced the demand for polypropylene plastic ropes in 2020. The plastic ropes consumption is expected to recover post the pandemic.
The Industrial & Crane application accounted for the largest market share in the global steel wire rope & plastic rope market during the forecast period in terms of value and volume.
The use of steel wire rope is quite established in the industrial & crane application. Some major uses of steel wire ropes in crane application include tower crane, cable dredger, bored pile grab, rotary drilling, rig, cable dredger, diaphragm wall grab, scraper installation, all-terrain crane, slurry trench cuter, pile driver, and crawler crane. In the industrial segment, steel wire ropes are used for winch ropes, control cables, lorry curtains, trailers, tail lifts, and others. The demand for steel wire ropes & plastic ropes from industrial & crane end-use application is declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.
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APAC is expected to account for the largest market share in the steel wire rope & plastic rope market during the forecast period.
APAC is projected to register the highest CAGR in terms of value in the global steel wire rope & plastic rope market during the forecast period. The growth of the steel wire rope & plastic rope industry in this region is supported by the recovery in end-use industries, the advancement of industrial technology solutions. The steel wire rope market in APAC is driven by the increasing consumption in the industrial & crane, mining, and construction sectors. The increased urbanization and industrial development in countries such as China, India, and Japan are also driving the market in the region.
The key players in the steel wire rope & plastic rope market include Cortland Limited (US), WireCo WorldGroup Inc., (US), Samson Rope Technologies (US), Southern Ropes (South Africa) and English Braids Ltd. (UK), are some of the key players in the steel wire rope & plastic rope market. Marlow Ropes (UK), Teufelberger Holding AG (Austria), Bekaert SA (Belgium), Usha Martin (India) and Gustav Wolf (Germany) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the steel wire rope & plastic rope market. These players have taken different organic and inorganic developmental strategies over the past five years.
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